© Reuters. The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri
"But, we have great momentum and have made material improvements to the primary markets workflow," he added. Orders are then logged by salespeople into their internal order portals or a system called IssueBook. Three years into it, only a small proportion of orders and allocation messages for a new bond were going through DirectBooks. A vast majority of such communication is still through legacy systems that require manual involvement, said four syndicate banking sources.
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